02.20.2001
Zinwell expects 30% revenue growth this year

• Zinwell Corp. (5409 'Zhao He') reported pre-audited revenues in 2000 of NT$2.8b, up 30% YoY, for pretax EPS of NT$4.49. The company forecasts revenues to grow another 30% to NT$3.6b this year, for EPS of over NT$5.00. We believe Zinwell can achieve the 30% growth target as sales of Set-Top-Boxes (STB) start to take-off in 2H01..

• In 2000, STB contributed only 3% of total revenues, and is set to take a 6% share this year. With gross profit margin on STB at around 23%, we expect this segment to bolster overall 2001 gross profit margin.

• After having resided on the Taisdaq market for one year, Zinwell is to file an application to list on the main board later this year.

BennyLo@Primasia.com +886-[0]2-2547-8869